Draper Esprit net assets improve as portfolio value almost doubles

(Alliance News) - Draper Esprit PLC on Thursday said it has continued to make significant ...

Alliance News 4 November, 2021 | 11:07AM
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(Alliance News) - Draper Esprit PLC on Thursday said it has continued to make significant progress over the first six months of its current financial year.

The London-based venture capital trust that invests in technology companies said net asset value per share is expected to be not less than 885 pence as at September 30, up from 600p posted a year ago and up from 743p recorded at the end of March.

Gross portfolio value is expected to be not less than GBP1.36 billion, almost doubled from GBP702 million a year prior and also higher than GBP984 million on March 31.

Draper Esprit said it has invested GBP165 million in the first half of its current financial year. Meanwhile, cash proceeds from realisations in the period totalled GBP67 million.

Looking ahead, the company said the positive momentum has continued. It has seen growth within its portfolio through revenue increases, financing rounds and exits, combined with a healthy pipeline of new investment opportunities.

As a result, Draper Esprit said current trading is ahead of its stated financial objective of 15% fair value growth for this financial year. The company therefore anticipates fair value growth in the region of 35% for the full year to the end of March 2022.

"I am pleased to report realisations have remained strong enabling us to increase our deployment of capital across the portfolio; underpinned by our expanded platform. I feel excited by our performance going into the second half of the year," said Chief Executive Martin Davis.

FTSE 250-listed Draper Esprit shares were trading 6.1% higher in London on Thursday morning at 1,040.00p each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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